I’m a 28 year old with a growing family where house hacking wouldn’t be an option. I currently own a home, and have some equity in it. Im wondering how I would go about getting into a rental property at this point but I don’t have a 20% down payment.
So where to start? I’m not in a “big” market compared to others ( I’m in Lancaster/Reading Pa) I’m not even sure it’s worth it. But I’d like to start local. But should I wait and say up a down payment I’d guess it would be years till I get a down payment together.
Depending how much equity you have in your house, you could refinance or take out a HELOC which may help you with a DP. Otherwise, you can use private money from a trusted friend or family member, JV with a partner at a local meetup/FB group or BP. There are a lot of options to start and just because you don't have the money doesn't mean you cant get the deal, just have to get creative.
Look into seller/owning financing and subject to as well...they are more creative ways to grow your portfolio for little to no money down.